Financial Results : Al-Jouf Agricultural 9M 2024 profit up to SAR 67.1M; Q3 at SAR 18.6M

Al-Jouf Agricultural 9M 2024 profit up to SAR 67.1M; Q3 at SAR 18.6M

10/11/2024 Argaam Exclusive

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Al-Jouf Agricultural Development Co. reported a 47.6% leap in net profit to SAR 67.1 million in the first nine months of 2024, compared to SAR 45.5 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 311.92 420.60 34.8 %
Gross Income 99.83 143.57 43.8 %
Operating Income 47.76 74.77 56.6 %
Net Income 45.49 67.13 47.6 %
Average Shares 30.00 30.00 -
EPS (Riyals) 1.52 2.24 47.6 %

The company posted higher sales in 9M 2024 compared with the year-ago period due to an increase in sales volume, especially for French fries, after the start of commercial operation of the new French fries factory in December 2023.

 

This was despite the decline in agricultural sales during the current period.

 

It is noteworthy that Al-Jouf Agricultural reported non-recurring profits in Q3 2023 amounting to approximately SAR 3 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 149.57 147.05 (1.7 %)
Gross Income 43.04 44.66 3.8 %
Operating Income 21.43 20.40 (4.8 %)
Net Income 20.72 18.65 (10.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.69 0.62 (10.0 %)

In the third quarter of 2024, net profit sank 10% to SAR 18.65 million from SAR 20.72 million in Q3 2023.

 

The third-quarter net profit rose 19.8% from SAR 15.56 million in Q2 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 748.2 million by the end of the nine-month period from SAR 698 million a year earlier.

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